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Super Priority Liens: What Commercial Mortgage Lenders Need to Know
Tuesday, March 4, 2025Zev ZlotnickBusiness Law, Real Estate, Corporate LawCommercial Mortgage, Compliance, Lending, Ontario
In Ontario, the concept of super priority liens refers to certain types of liens that take precedence over other claims on a property, even rights arising from a...
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Challenging Times for CRA: Taxpayers are fighting capital gains hike
Wednesday, January 29, 2025Ian SpiegelBusiness Law, Corporate Law, Tax and Estate PlanningTax, CRA, Capital Gains
On April 16, 2024, the Honourable Chrystia Freeland (“Freeland”) – then the Deputy Prime Minister and Minister of Finance – tabled “Budget 2024: Fairness for Every Generation”, which included a proposed increase of the capital gains inclusion rate from one-half to two-thirds for capital gains realized (i) by an individual over $250,000 in a year, and (ii) by a trust or corporation in any amount (the “Capital Gains Increase”)...
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Has the Construction Lien Period Expired?
Wednesday, January 8, 2025Zev ZlotnickReal Estate, Corporation, Business LawConstruction Liens, Liens
For commercial real estate lenders, advancing loan funds safely requires ensuring that no active construction liens can impact the property...
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Why Commercial Real Estate Lenders in Ontario Should Avoid Being Co-Defendants in Construction Lien Matters
Wednesday, November 13, 2024Zev ZlotnickBusiness Law, Corporate LawCommercial Real Estate, Lending, Construction Liens
In Ontario, commercial real estate lenders need to be cautious of their involvement in borrower construction lien matters, especially when it comes to being named as co-defendants...
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Court reinstates ousted directors of not-for-profit corporation (Lewis v. Niagara Regional Native Centre)
Tuesday, October 29, 2024Isabel Yoo, Lynne WesterhofBusiness Law, Corporate Law, Non-Profit and Charities
Directors were removed from the board of a not-for-profit corporation by a motion supported by loud “cheers, whoops, and...
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Commercial Real Estate Lenders and Construction Liens
Tuesday, October 22, 2024Zev ZlotnickCorporate Law, Business LawReal Estate, Construction Liens, Lending
Commercial real estate lenders operating in Ontario must be vigilant about construction liens due to the significant legal and financial implications these
liens can impose...
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Impact of Unsecured Debt on a Mortgage Lender's Security
Wednesday, September 18, 2024Zev ZlotnickBusiness Law, Corporate LawReal Estate, Lending
In the context of commercial lending, the priority of claims is a critical aspect of risk management. A common concern for commercial mortgage lenders is how a borrower’s unsecured debt, such as debt arising from promissory notes, can impact the lender’s security interest in the mortgaged property...
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Proposed Amendments to Trust Reporting Requirements – August 2024 Edition
Tuesday, September 17, 2024Ian SpiegelBusiness Law, Corporate LawIncome Tax Act
Enhanced trust reporting requirements were enacted for trusts with a taxation year ending after December 30, 2023, and required certain trusts to file a T3 Trust Income Tax and Information Return (“T3 Return”) and Schedule 15 Beneficial Ownership Information of a Trust (“Schedule 15”)...
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Specific Assignment of Lease
Thursday, August 29, 2024Zev ZlotnickBusiness Law, Corporate LawReal Estate
Commercial real estate mortgage lenders in Ontario require a comprehensive security package to safeguard their investment...
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Attornment and Non-Disturbance Agreements
Tuesday, August 6, 2024Zev ZlotnickBusiness Law, Corporate LawReal Estate, Non-Disturbance Agreement, Lease Agreement, Mortgage, Landlord and Tenant
Attornment grants authority or jurisdiction to a party even if no legal right exists. It is a legal device that is comparable to an assignment. Attornment may...
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Three Tips for Ontario Not-for-Profit Corporations as ONCA Deadline Approaches
Monday, July 15, 2024Heather Keachie, Lynne WesterhofNon-Profit and Charities, Business Law, Corporate LawNot-for-profit Corporations Act (ONCA)
The transition deadline to comply with the Not-for-Profit Corporations Act, 2010 (Ontario) (“ONCA”) is quickly approaching. The ONCA came into effect on October 19, 2021, and...
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The Empire Strikes Back: Attorney General of Canada Files Response in Tavares’ Appeal
Monday, June 24, 2024Ian SpiegelBusiness Law, Corporate LawIncome Tax Act
The captain of the Toronto Maple Leafs (the “Leafs”), John Tavares (“Tavares”), is currently in the process of appealing a Notice of Reassessment that was issued by the Canada Revenue Agency (“CRA”) with respect to his 2018 income. The Notice of Reassessment...
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Court Finds Not-for-Profit Unfairly Terminated Co-President’s Membership
Monday, May 27, 2024Clifford S. Goldfarb, Lynne WesterhofBusiness Law, Corporate Law, Non-Profit and CharitiesNot-for-profit Corporations Act (ONCA)
When the Canada Not-for-Profit Corporations Act (“CNCA”) and Not-for-Profit Corporations Act, 2010 (Ontario) (“ONCA”) were...
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Steps in a Power of Sale
Tuesday, May 14, 2024Zev ZlotnickBusiness Law, Corporate LawMortgage, Power of Sale, Ontario Mortgages Act, Bankruptcy and Insolvency Act
As a commercial mortgage lender you generally prefer the avoidance of enforcement. However, one must hope for the best and plan for the worst...
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Not-So-Cheap Thrills: The Bare Trust Reporting Rollercoaster
Thursday, April 18, 2024Ian SpiegelBusiness Law, Corporate LawTrusts, Tax & Estate Planning
In our previous blogs, we discussed the expanded trust filing and reporting requirements for trusts with tax years ending on or after...
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Advice is (Not) Cheap: Tax Advisor Found Negligent for Overlooking GAAR Risks
Monday, April 15, 2024Ian SpiegelBusiness Law, Corporate LawTax & Estate Planning
Tax advisors play a crucial role in navigating the complexities of the Income Tax Act (Canada) (the “ITA”) and its...
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Update: Bare Trusts No Longer Required To File T3 Returns For 2023
Thursday, March 28, 2024Ian SpiegelBusiness Law, Corporate LawCanada Revenue Agency (CRA), Trusts
In our previous blog post, we discussed the Canada Revenue Agency’s (the “CRA”) expanded trust filing and reporting....
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Three Things Canadian Charities Need to Know Before Providing Humanitarian Aid
Wednesday, March 13, 2024Lynne WesterhofBusiness Law, Corporate Law, Non-Profit and CharitiesIncome Tax Act, Humanitarian Aid
In the midst of many global crises, Canadian charities are often involved in providing humanitarian aid...
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Anti-Money Laundering (AML) - What does it mean and why is it important?
Tuesday, February 27, 2024Zev ZlotnickCorporate Law, Business LawReal Estate, Money Laundering, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Proceeds of Crime (Money Laundering) and Terrorist Financing Act
Money laundering is the concealment of the origins of illegally obtained money and disguising them as financial assets, such...
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More or Less Mortgage Terms?
Tuesday, February 20, 2024Zev ZlotnickBusiness Law, Corporate Law, Real EstateMortgage, Commercial Mortgage
Dye & Durham Standard Charge Terms 200033 are the standard charge terms that are included in...
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Trust Reporting Season is Here: Your Primer on the New Requirements for 2023
Friday, February 16, 2024Ian SpiegelCorporate Law, Business Law, Tax and Estate Planning, Tax LawTrusts, Income Tax Act
On December 15, 2022, Bill C-32, the Fall Economic Statement Implementation Act, 2022, S.C. 2022, c. 19 (“Bill C-32”), received Royal Assent. Bill C-32 amended the...
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Criminal Rate of Interest
Tuesday, February 13, 2024Zev ZlotnickCorporate Law, Business Law, Real EstateInterest, Interest Rates
Pursuant to Section 347 of the Criminal Code a criminal rate of interest is defined as an effective annual rate...
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Are Signing Bonuses Bad for Canada’s Sports Franchises?
Friday, February 9, 2024Ian SpiegelBusiness Law, Corporate LawSports Law, Tax & Estate Planning
Toronto has a rich history in professional sports. The Maple Leafs is an Original Six franchise with the...
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Court Provides Guidance on Testamentary Gifts Made to Defunct Organizations
Tuesday, January 9, 2024Ian Spiegel, Lynne WesterhofBusiness Law, Corporate Law, Tax and Estate Planning, Non-Profit and Charities
When an individual leaves a gift in their will to a charity that does not exist at the time of their death, the executor will often be...
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Choosing the Right Mortgage Enforcement Remedy in Ontario
Wednesday, December 20, 2023Zev ZlotnickBusiness Law, Corporate LawMortgage, Ontario Mortgages Act, Power of Sale
In the realm of mortgage enforcement, lenders who are faced with a borrower’s default have an array of remedies at their...
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Bill 139 Receives Royal Assent: Fewer Non-Profit Filings, Easier Social Company Continuances
Friday, December 8, 2023Clifford S. Goldfarb, Heather Keachie, Lynne WesterhofBusiness Law, Corporate Law, Non-Profit and CharitiesBill 139, Social Clubs
Ontario’s latest piece of red tape reduction legislation has received royal assent, with amendments intended to reduce...
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CRA Extends the Underused Housing Tax Deadline (Again) to April 30, 2024
Wednesday, November 29, 2023Ian SpiegelCorporate Law, Business Law, Tax and Estate Planning
On October 31, 2023, the Canada Revenue Agency (“CRA”) announced that owners affected by the Underused Housing Tax...
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No T3s for Registered Charities’ Internal Trusts
Monday, November 13, 2023Ian Spiegel, Lynne WesterhofCorporate Law, Business Law, Tax and Estate PlanningNot-for-Profit/Charities
After months of uncertainty for the charitable sector, the Canada Revenue Agency has confirmed that registered charities will not need to file a...
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Changes to Corporations Act Will Make it Easier for Social Clubs with Share Capital to Continue Under Separate Legislation
Thursday, November 2, 2023Clifford S. Goldfarb, Lynne WesterhofBusiness Law, Corporate Law, Non-Profit and CharitiesSocial Clubs, Ontario Corporations Act
Requirements for Social Clubs to Continue Under Separate Legislation...
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How is your Environmental Indemnity?
Wednesday, October 18, 2023Zev ZlotnickBusiness Law, Corporate LawReal Estate, Environmental Protection Act, Ontario
In Ontario, commercial mortgage lenders can be held liable for environmental issues under certain circumstances, especially if they have taken possession of the property or are deemed to be...
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